Best Australian Transaction (Day to Day) Account for 2020

Moderators at OzBargain are now running yearly polls to decide the best products in popular categories that get asked repeatedly in the forum. Our aim is to have a central thread where users can vote on the items, suggest options and also change their vote throughout the year. For more information on how these polls work, or if you want to suggest a new poll that isn't covered already, please refer to our announcement thread here.


Question

What is the best Australian Transaction Account for 2020?

Transaction accounts are a basic day-to-day use account that everyone should have: It's an account you typically use to spend money with, such as paying for basic expenses and bills.

However, these accounts can attract fees in various different forms: such as

  • Monthly account keeping fees
  • ATM fees (for using an ATM that belongs to another bank). Many banks however, have now ditched local ATM fees.
  • Phone, or Internet banking fees
  • EFTPOS and Branch fees
  • Foreign transaction fees and Overseas or International ATM access fees

Some of these accounts also offer it's members benefits, such as:

  • Support for contactless Mobile payment platforms such as Apple or Android Pay
  • Being able to earn some interest
  • Joint accounts
  • Fee-free money transfers to other banks
  • Cashbacks, Discounts and other freebies from businesses that have partnerships with the Bank you're with.

Last year, most of you voted for ING Orange Everyday, followed very closely by Macquarie Transaction Account.


How do I suggest products to What Should I Buy polls?

If you have a product that you would like to suggest for the poll (that is currently not in the Poll Options), you'll need to make a top-level comment (i.e. not replying someone else's comment) and fill up "Suggestions" text box just above your comment:

Suggestion box

Do try to make a sensible suggestion (e.g making sure it's an actual transaction account) and include a brief argument as to why you would recommend the product, including what it's benefits are and current interest rate if possible.

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Comments

  • My vote is for Macquarie Transaction Account, as it is the only one with:

    • 24/7 Concierge Service
    • 90-day theft and damage protection on purchases
    • Stolen wallet protection up to $500
    • Discounts on eGift cards up to 10% off major retailers
    • No fees, no deposit conditions
    • The only thing that annoys me about Macquarie is their very slow implementation of PayID. They have only implemented the receive functionality recently with no ability to send.

      Their app is quite good otherwise so the missing feature stands out even more.

      • Yep, the app is great but still far behind CBA (only reason I'm still with CBA, having tried most other banks). Cardless cash withdraw is also missing

      • what about this

        https://whrl.pl/Rf3g1Q

        "Macquarie have updated their website and mobile apps to enable outgoing PayID payments."

      • The only thing that annoys me about Macquarie is their very slow implementation of PayID. They have only implemented the receive functionality recently with no ability to send.

        As mentioned above this was released today. Which leaves only support for Osko to be rolled out.

      • You can now send!

    • Mac would be perfect if it also refunded overseas ATM fees (as charged by ATM operator), which ING does. It would have perfected their account! Sigh. I think I'll open Mac for nearly everything except overseas ATM withdraw, which I'll stick with ING.

      • Yeah but you do understand ING is the only one offering this in the market right? and you are required to meet monthly requirements to receive that as a benefit. I don't think given how long it's been going on any bank wants to compete on this functionality.

        This is the only benefit ING has that you can't get from anywhere else and I prefer to just warm ING accounts up before travel.

      • Seems like they are doing this now?

        • We won’t charge you ATM fees anywhere in the world^.
        • Enjoy a refund on fees incurred at all ATMs in Australia.
  • Is there any way to include in this what cardless options they offer - i.e. do they offer Google Pay, Samsung Pay etc?

  • Suggested 86400 Pay Account

    86400 should be included.

  • Suggested Xinja (Discontinued)

    I've been using Xinja since their initial account rollout last year and it's been perfect for me.

  • Suggested CUA Everyday Snap Account

    CUA Snap account should be included.
    No international fees on that one

  • Is the Up Everyday Account popular because of the interest rate? I can't see anything they offer in terms of features (like fee-free services) that several banks don't already offer.

    • +1
      Can anyone explain why Up has the most votes? What has Up got that others don't?

      • The app is significantly better than any competitor. Extremely polished, super intelligent at identifying pay and regular bills and gives you detailed stats on your spending. No currency conversion fees, instant Apple/Google pay issuing and conversational payments are also standout features.

        The customer service is also brilliant.

    • It's because the app is just so much better than normal banking apps

    • I'm cha going banks right now, as far as I can tell the other commentors are right. App has a 4.9 star rating on the play store (with 2k reviews) and just looking at the features it looks like a massive step up over combank (stuff like actually displaying names rather then seemingly random strings for where you've sent cash to). It won me over from Macquaries wallet/purchase protection and the ATM fee cash back in Aus (they were my other choice)

  • I tried signing up for an Up bank account but hit snags with the identification verification process. They don't have a secondary manual process, and the extremely slow (2 weeks for a reply!) email support just tells me to try it again, which obviously doesn't work.
    This was pre-Covid19 so I can only imagine the turnaround times now.

  • Which out of these companies also provides a credit card with no annual fees, international fees etc. the only one I’ve found so far is ING, any others?

    • I don't see why you would want it to be one of these companies you would find a company/another bank that is well known to offer a good product in that category.

      https://www.ozbargain.com.au/wiki/cards_with_no_overseas_tra...

      Start there E5TOQUE has put a lot of effort into making that up to date.

      • Pretty simple really, saves having to have multiple products across multiple companies, can easily transfer between accounts etc. yep, this list you have linked me to confirms ING is the only one. Thanks for that!

        • Pretty simple really, saves having to have multiple products across multiple companies.

          Yeah but unfortunately sometimes it means you have to take a lesser product offering in other categories to do this though and a credit card happens to be one of the easier products to have out of your normal banking setup.

          can easily transfer between accounts etc. yep, this list you have linked me to confirms ING is the only one.

          Well, this is definitely good features to be able to have between your savings and your normal transaction account especially when the rates on savings are pretty dismal at the moment.

          Thanks for that!

          Sorry, I thought I would teach you how to fish and chuck in a little bit of opinion.

          just a heads up with the current situation at the moment credit cards can be harder to apply for at the moment with most providers tightening things some of even stopped new applications. So keep that in mind. If a credit card is the only reason why you're shaking up your banking situation.

          if you're definitely unhappy with the whole of your current banking setup ING will probably work perfectly fine overall they're pretty decent especially when comparing them against the big 4.

          But if you were to be perfectly happy with the other half of your banking setup I would just add one of the credit cards listed there too your current setup.

        • Bankwest? Not sure what transaction accounts are like though. They seem to be $0 fees.

          • @Gandalf the Thrifty: Bankwest easy transaction account has $5 overseas atm fee, and 2.95% conversion fee.

            Still appears (as of today) ING is the only one that does both credit/debit with no annual fee and no international fees. Though you do have to meet their deposit/min transaction criteria.

            Anyone know how ING works if you have both? Do you need to meet the above criteria on both cards, or just the debit card to unlock the benefit?

            • @PasqualeOz:

              Bankwest easy transaction account has $5 overseas atm fee, and 2.95% conversion fee.

              Yep using the card for overseas or other currencies would incur fees. Haven't checked if they're like some of the other big four banks and charge conversion fees on transactions conducted here in Australia if the payment system is offshore.

              Still appears (as of today) ING is the only one that does both credit/debit with no annual fee and no international fees. Though you do have to meet their deposit/min transaction criteria.

              The only thing that is special about ING is the foreign ATM operator fee reimbursement everything else you can get elsewhere including not requiring you to meet monthly requirement's to receive said benefits.

              Anyone know how ING works if you have both? Do you need to meet the above criteria on both cards, or just the debit card to unlock the benefit?

              It's best you read the legal here. But basically it's $1000 into a qualified account and five card transactions on either card the previous month.

              Or available on the Orange One page here by clicking on "Important information" located under the features carousel.

  • Does Citi come into contention now that they have introduced Osko? Most of their features are free to use. I withdrew cash from 7-11 ATM's all over Japan with no fees and the rates were close to official exchange rates. The only thing that lets them down is a decent online saving option.

  • Suggested Citibank Plus

    Citibank Plus offers you the best coverage for overseas travel and a fee free account with all goodies.
    Doesn't earn interest.

  • Macquarie lets me do direct debit to the savings account. ING does not. UBank does not.

    Does Up?

  • HSBC gives 2% cashback for every paywave

  • Up app is fantastic. The easy of chat customer support is also great. The app is great to categorise your spendings as well.

  • i saw on Homepage showed Macquarie, thought they won, or does it show my vote?

  • is UP a subsidiary of Bendigo and Adelaide Bank?

    what is their condition to earn 1.1% interest and up to what amount? It is not clear on their website.

    • https://up.com.au/pricing/

      Qualification criteria
      Make 5 successful purchases using your Up debit card, Apple Pay™, Google Pay™ or other digital wallets in a calendar month.

      Interest cap
      Once qualified, interest is paid on the combined balance of Savers up to $1M.

    • I’m honestly so shocked by this. Wonder how APRA feel, I’d imagine they’ll become a lot more stringent on who they grant an ADI license to.

    • The other neo banks must be vulnerable to the same fate as Xinja. They continue paying interest and offer free services without incoming revenues.